Tradition simulation training uses plastic manikins which are expensive (upwards of 100K plus service and maintenance fees yearly), not portable, nor realistic. They take hours to set up and even more time to reset between trainings.
That is why we created PerSim, the world's most portable sim lab! Simulation training using augmented reality holographic patients.
MedCognition was founded in 2016, but did not commercialize our product, PerSim, until 2021. My name is Russell Unrath and I'm the CEO of MedCognition. We are seeking a total raise of $1,500,000 via a convertible note (10% rate) or convert to equity with a 5-year term. We kindly ask for a minimum investment range of $10,000- $20,000.
MedCognition® proposes to extend and harden our current commercial product, PerSim® - the ultra-portable, clinically intuitive, realistic mixed reality patient simulator. Through PerSim, trainees can naturally interact with virtual patients in situ, within their real surroundings, such as inside a tent in the arctic, in theater combat, a classroom, the ER, the OR or anywhere you can imagine. PerSim patients can be entirely virtual or be overlaid on any manikin, reducing the dependence on costly physical materials and fluids-and extending the life or prior capital expenses for our clients. PerSim currently provides highly realistic visual, interactive, simulations of injuries and disease processes common in prehospital scenarios, such as traumatic injuries, HAZMAT exposure, adult chest pain, breathing problems, abdominal pain, stroke, seizure, and a wide range of customizable simulated signs and symptoms that is too great to list here!
The business was sustained via Research and Development grants from 2016-2020/Q1 2021. After I (Russell Unrath, now CEO-formerly COO) joined December of 2020, we quickly pivoted to the commercial market closing 2021 with just over $1,695,000 in sales. We were able to use the profit we made to aggressively invest back into the business to accelerate development and add features to our system such as dynamic cardiology training, and the first of its kind holographic producers (trademark pending/patent pending and protected), hire our core team of developers and sales representatives. Due to those decisions, in 2022, we closed just over $1,845,000 and turned a profit again and have once again invested that money back into the business. We are the first ever holographic patient simulation system, the only one of its kind to date created for out of body (Paramedic, EMT-B, EMT-A, Allied health professional training). We have a strong customer base and have built the business model on annual renewals. Our average profit margin per sale is over 65%. Sales are steady and on track year over year for 2023, while end of Q3 and Q4 will be our strongest sales period, just as they were in both 2021 and 2022. We are seeking a capital raise to aggressive scale the business with the goal of increasing our annual revenue to over 2.2 million this year, 4-5 million in 2024, with a goal of achieving 8-10 million by the end of 2025.
We have excellent relationships with the Department of Defense, boasting customers such as William Beaumont Army Medical Center, March Air Force Base, and 3 separate contacts executed with the Air Force AFWERX program to date. Starting August 7th, 2023, we begin an SBIR project (Small Business Research and Innovation) with the Army that will finalize Oct 27th. That contact is worth $200,000 with first invoice being sent August 14th for $100,000.
This year (Q2 of 2023) we released a feature long in the making, PerSim Community, which allows our user base to access a portal (persim.io) to create, save, and share custom scenarios privately to their teams or publicly to the "community at large" (I.e.-the PerSim user base).
https://medcognition.com/
I welcome calls, emails and in person conversations.
Thank you,
Russell J. Unrath
CEO, MedCognition
[email protected]